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Creative Destruction: Innovation Vs Destruction

Creative Destruction

In 1942 Joseph Schumpeter, an economist, coined the phrase “creative destruction” to describe the process by which innovation continually upends products and markets.  After reading excerpts of his writings this week, I thought about three simple examples outlined below.  But the key message is that product manufacturers cannot assume the products they sell now will be in demand in the future.

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Poor Customer Service Costs Each of Us and the Economy

Poor Customer Service

Have you ever had to wait an extra hour because of poor customer service? Say someone forgot to order parts even though they knew the parts would be needed two weeks in advance of the repair?

How much time do you spend dealing with services or products that do not work as needed on a regular basis?